Tools & Calculators

Purchase Investments:

+ Products and services may be offered by Royal Bank of Canada or by a separate corporate entity affiliated with Royal Bank of Canada, including but not limited to Royal Mutual Funds Inc., RBC Direct Investing Inc. (Member–Canadian Investor Protection Fund), RBC Global Asset Management Inc., Royal Trust Company or The Royal Trust Corporation of Canada

RRSP Loans

It Can Make Sense to Borrow for Your RRSP

Maximizing your annual RRSP contribution is one of the best ways to build a secure retirement.

Sometimes it can be tough to come up with the money. Plus, if you missed making your full contribution in a previous year, you could have a lot of catching up to do.

That is why RBC Royal Bank® offers RRSP loans, including a Personal Loan for RRSP contributions. RRSP Personal Loans are available with flexible payment schedule options to make your RRSP loan as worry-free as possible.

Benefits of RRSP Loans

Compound Interest and Tax Deferral can Outweigh the Cost of Borrowing

You need to borrow:

$2,500.00

Your marginal tax rate is:

40%

Your RRSP Personal Loan
Interest Rate is:

4.75%(1)

Your loan term is:

12 months

Your Monthly Loan Payment (including LoanProtector® premium):

$220.00

You Would Save:

Tax Rebate/Deduction:

$1,000.00

Less total interest over term:

$140.00

Your savings:

$860.00

That's not all. The money you borrow to invest will grow together with the rest of your RRSP investments – sheltered from tax as long as it's in your plan.

Why is the RBC Royal Bank RRSP Personal Loan option right for you?

With an RRSP Personal Loan, you have the benefits of:

Borrowing $5,000 to $50,000*.

A higher credit limit and fixed payment schedule, making a personal loan ideal for catching-up on missed contribution room from previous years.

Terms to suit your needs, amortized over up to 10 years.

Speak to an investment representative to discuss your personal situation.